Russian Ministry of Finance Supports Circulation of Stablecoins in the Country CryptoBlog

The Russian Ministry of Finance is ready to support the legalization of transactions with stablecoins in Russia, according to a senior official. Although the ministry recognizes that cryptocurrencies could lay the foundation for a new financial system, the department does not know if it will be better than the current one.

Russian Minfin Is Ready To Legalize Stablecoins If Companies Need It

The Ministry of Finance of the Russian Federation (Minfin) generally supports allowing the circulation of stablecoins in the country, according to Ivan Chebeskov, director of the ministry’s financial policy department. The senior official made the statement during “The Influence of Web3 – New Era of the Internet of Trust?” panel at Russian Creative Week.

Chebeskov pointed out that the Minfin considers the issue from the point of view of Russian entrepreneurs. “If there is a need for companies, companies or investors to settle, to invest in a new way, if they need such a tool, because it reduces costs, works better than previous tools, and if we can limit the risks associated with it, we will always support such initiatives,” he explained.

Quoted by RBC Crypto, the government representative also noted that blockchain in general, along with crypto assets, digitization and tokenization, can potentially provide an opportunity to establish an entirely new financial system. “But one cannot be completely sure that it will perform better than existing financial systems,” Chebeskov commented.

Russia’s Ministry of Finance has been a driving force behind efforts to legalize cryptocurrency operations in Russia, and earlier this year submitted a new “On Digital Currency” bill, designed to fill the loopholes. regulations left by the law “On digital financial assets“. The latter only partially regulated cryptography issues when it came into force in January 2021.

The Central Bank of Russia, on the other hand, has maintained strong opposition to allowing crypto transactions in the country, while developing a digital ruble and proposing a blanket ban on crypto-related activities. Only recently has it softened its stance a bit, with Governor Elvira Nabiullina saying the regulator could accept small-scale crypto payments in international settlements amid growing Western sanctions against Russia.

Chebeskov’s statement comes despite the collapse of terrausd (UST), which caused a major market meltdown and loss of confidence in stablecoins. The situation in the crypto market was recently cited by the head of the parliamentary committee on financial markets, Anatoly Aksakov, who warned that the upcoming legislation, which has undergone multiple revisions this year, will be “tough”.

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Do you think that the Russian authorities will legalize the circulation of stablecoins? Share your expectations in the comments section below.

Lubomir Tassev

Lubomir Tassev is a tech-savvy Eastern European journalist who loves Hitchens’ quote: “Being a writer is who I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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